Savings account: how to use it safely

The savings account is a free bank account that allows you to save money, operate with a debit card and make daily transactions without maintenance costs.

A savings account is a bank account that is free to open and has no maintenance cost that allows you to save your money, either to save or to do other banking operations.

With a savings account you can:

– Deposit and withdraw cash.

– Use an associated debit card.

– Make electronic transfers and payments.

– Check your balances and movements through home banking, mobile banking or ATM.

You can open a savings account at the bank of your choice. To do so, you have to present your ID card to accredit:

– Name and surname.

-Domicile.

– Place and date of birth.

The bank may ask you for additional requirements, but it cannot force you to take out another product (for example, a credit card or a loan) as a condition of opening the savings account.

All the conditions of the account must be detailed in the contract. Any changes must be notified with 60 days in advance.

There is no cost:

– Account opening.

– Monthly maintenance.

– Issuance of the debit card.

– Use of ATMs and self-service terminals at your bank’s branches.

– Use of home banking.

– Up to one debit card replacement per year due to degaussing or deterioration.

There may be a cost:

– Use of ATMs from other entities.

– Use of ATMs located in shopping malls, service stations or other special points.

– Use of ATMs outside.

– Check deposits.

– Transfers abroad.

Banks must publish these costs on their website.

People under the age of 18 can have a free debit card in their name to withdraw cash, shop in stores, transfer and pay electronically.

The ownership of the savings bank is owned by the father or mother or legal representative, but the card is issued in the name of the minor.

You can add automatic debit services through your bank or the provider company.

Please note:

-Reversion of an automatic debit: you have 30 calendar days from the date of the debit to request it from the bank. The return must be made within 72 hours.

– Stop debit: you can request it until the business day before the service expires at your bank.

You can ask for closure at any time. If you have funds, you have to withdraw the balance or transfer it to another account and then request closure.

You can do it by:

– Mobile banking

– Homebanking

– Any branch of the bank, even if it is not the one where you opened the account.

The bank must give you proof of the procedure. From the moment you ask for the closing, they cannot charge you new commissions or charges.

The bank can close a savings account if 730 calendar days pass without movements or balance, but it has to notify you at least 30 calendar days in advance.